StockNews.com Initiates Coverage on Luna Innovations (NASDAQ:LUNA)

Investment analysts at StockNews.com began coverage on shares of Luna Innovations (NASDAQ:LUNA) in a research report issued to clients and investors on Friday. The brokerage set a “sell” rating on the scientific and technical instruments company’s stock.

Luna Innovations Stock Performance

LUNA opened at $2.05 on Friday. The company has a fifty day moving average price of $1.75 and a two-hundred day moving average price of $2.24. The firm has a market capitalization of $69.62 million, a PE ratio of -25.63 and a beta of 1.56. Luna Innovations has a 52 week low of $1.43 and a 52 week high of $7.92.

Hedge Funds Weigh In On Luna Innovations

Several hedge funds have recently added to or reduced their stakes in the stock. Malaga Cove Capital LLC acquired a new position in shares of Luna Innovations during the 3rd quarter worth about $25,000. AQR Capital Management LLC bought a new position in Luna Innovations during the 2nd quarter worth approximately $37,000. Point72 DIFC Ltd acquired a new position in Luna Innovations during the second quarter valued at approximately $39,000. Cubist Systematic Strategies LLC bought a new stake in Luna Innovations in the second quarter valued at approximately $48,000. Finally, SkyView Investment Advisors LLC acquired a new stake in Luna Innovations in the second quarter worth $60,000. Institutional investors and hedge funds own 87.46% of the company’s stock.

Luna Innovations Company Profile

Luna Innovations Incorporated provides fiber optic test, measurement, and control products worldwide. The company offers test and measurement equipment for fiber optic components and sub-assemblies; polarization control products, including components, modules, and instruments to measure, manage, and control polarization and group delay in fiber optic networks; tunable lasers; and single frequency lasers.